Interim report
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Accounting Standards Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . Summary of Consolidated Business Results of Tokio Marine Holdings , Inc. under IFRS for the three months ended June 30 , 2026 Financial FASF MEMBERSHIP August 12 , 2026 Stock Exchange Listing : Tokyo Company Name : Tokio Marine Holdings , Inc. ( the " Company " ) Security Code Number : 8766 ( URL : https://www.tokiomarinehd.com/en/ ) Representative : Masahiro Koike , President Contact : Yusuke Nobusawa , Corporate Planning Dept. ( stationed at Public Relations Department of Tokio Marine & Nichido Fire Insurance Co. , Ltd. ) ( Tel : + 81-3-6704-4268 ) Scheduled date to commence dividend payments : Not applicable Supplementary information for financial statements : Available IR Conference Call : None ( Note ) Amounts less than one million yen are rounded down . 1. Consolidated Business Results for the three months ended June 30 , 2026 ( April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated Results of Operations ( Note ) Percentages represent changes from the same period in the previous fiscal year . Insurance revenue million yen % Three months ended 2,047,134 12.3 Income before income taxes million yen 378,167 Net income % 11.5 million yen 286,886 % Net income attributable to owners of the parent million yen Total Comprehensive % income million yen % 7.6 264,300 3.3 375,382 103.0 June 30 , 2026 Three months ended 1,822,782 339,189 266,683 255,959 184,878 June 30 , 2025 Earnings per share - Basic Earnings per share - Diluted yen Three months ended June 30 , 2026 Three months ended June 30 , 2025 138.25 133.49 137 141 ( Notes ) 1. Adjusted net income and Adjusted earnings per share ( EPS ) are management performance measures that reflect the performance of the Group as a whole . While these measures are not defined under IFRS , the Company believes that they provide useful information to investors and therefore discloses them additionally . For the calculation methods of these measures , please refer to Notes ( 4 ) , " Definitions of Various Indicators " . 2. The Company voluntarily adopted IFRS starting from the fiscal year ending March 31 , 2026. Therefore , results for the first quarter of the fiscal year end March 31 , 2026 are shown without reference to percentage changes from those in the first quarter of the previous fiscal year . ( 2 ) Consolidated Financial Conditions Adjusted net income Adjusted EPS yen million yen % yen 138.16 261,351 ( 3.6 ) 133.38 271,061 As of June 30 , 2026 As of March 31 , 2026 2. Dividends Fiscal year 2025 Fiscal year 2026 Fiscal year 2026 ( Forecast ) Total assets million yen 33,676,978 33,002,651 Ratio of equity Total equity Equity attributable to owners of the parent attributable to owners of the parent to total assets million yen 8,323,145 8,052,371 million yen 8,197,310 7,955,554 % 24.3 24.1 First quarter Second quarter yen yen 105.50 122.50 Cash dividends per share Third quarter Year - end Annual total yen yen yen 112.50 218.00 122.50 245.00 ( Note ) Revision to the latest dividend forecast : None 3. Consolidated Business Forecasts for the fiscal year 2026 ( April 1 , 2026 to March 31 , 2027 ) ( Note ) Percentages represent changes from the previous fiscal year . Earnings per share Fiscal year 2026 Net income attributable to owners of the parent million yen % 830,000 56.2 ( Note ) Revision to the latest Consolidated Business Forecasts : None Basic Adjusted net income Adjusted EPS yen 441.83 million yen 950,000 % 7.8 yen 514
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As of June 30, 2026 1,934,000,000 shares As of March 31, 2026 1,934,000,000 shares As of June 30, 2026 34,005,955 shares As of March 31, 2026 55,487,168 shares During the three months ended June 30, 2026 1,911,643,662 shares During the three months ended June 30, 2025 1,917,407,497 shares * Notes (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies and changes in accounting estimates (a) Changes in accounting policies required by IFRS: None (b) Changes in accounting policies other than (a): None (c) Changes in accounting estimates: None (3) Number of shares issued (common stock) (a) Total number of shares issued including treasury stock (b) Number of treasury stock held (c) Average number of shares outstanding (4) Definitions of Various Indicators ・ Adjusted net income = Net income attributable to owners of the parent - Capital gains/losses - ALM* and hedge related gains/losses - Business investment related gains/losses *ALM: Asset Liability Management ・ Adjusted EPS = Adjusted net income ÷ Average number of shares outstanding * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None * Notes concerning the business forecasts and other items Business forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.
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1. Overview of Business results ……………………………………………………………………………………………………… 2 2. Condensed Quarterly Consolidated Financial Statements and Major Notes ……………………………………………………… 3 (1) Condensed Quarterly Consolidated Statement of Financial Position ……………………………………………………………… 3 (2) Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated Statement of Comprehensive Income …………………………………………………………………………………………………………… 4 (3) Notes to Condensed Quarterly Consolidated Financial Statements ……………………………………………………………… 6 Notes regarding going concern assumption ……………………………………………………………………………………… 6 Segment information ……………………………………………………………………………………………………………… 6 Notes regarding significant changes in equity attributable to owners of the parent ……………………………………………… 9 Notes to Condensed Quarterly Consolidated Statement of Cash Flows ………………………………………………………… 9 Contents of Appendix 1
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1. Overview of Business Results (Overview of Financial Position and Business Results for the First Quarter) During the first quarter, the world economy remained resilient overall despite the impact of rising energy prices caused by heightened tensions in the Middle East, supported by robust AI-related capital investment, particularly in the United States. In the Japanese economy, the slowdown was limited, partly due to the government's energy support measures and progress in securing alternative sources of supply. Under these circumstances, the Group's consolidated financial position as of the end of the first quarter and its consolidated results of operations for the first quarter of the current fiscal year were: As of June 30, 2026, consolidated total assets amounted to 33,676.9 billion yen, an increase of 674.3 billion yen from March 31, 2026. As of June 30, 2026, consolidated total equity amounted to 8,323.1 billion yen, an increase of 270.7 billion yen from March 31, 2026. Insurance service result increased by 36.3 billion yen to 351.6 billion yen from the same period of the previous year. This consisted of Insurance revenue of 2,047.1 billion yen, Insurance service expenses of 1,569.4 billion yen, and Income or expenses from reinsurance contracts held of (125.9) billion yen. Finance result increased by 31.8 billion yen to 154.0 billion yen from the same period of the previous year. This consisted of Investment gains and losses of 421.7 billion yen and Insurance finance income or expenses of (267.6) billion yen. Adjusted net income decreased by 9.7 billion yen to 261.3 billion yen from the same period of the previous year. Adjusted net income is a management performance measure that reflects the performance of the Group as a whole and is calculated by adjusting Net income attributable to owners of the parent for items including Capital gains/losses, ALM and hedge related gains/losses and Business investment related gains/losses. For more detailed information on business results, please refer to the "Overview of 1Q FY2026 Results", which was posted on our website today. (https://www.tokiomarinehd.com/en/ir/download/2026.html) Results by our reportable segments are as follows: In the Japan insurance business, Insurance revenue increased by 23.3 billion yen to 832.7 billion yen from the same period of the previous year. Adjusted net income decreased by 17.3 billion yen to 98.8 billion yen from the same period of the previous year. As supplementary information, the Company discloses a breakdown of the Japan insurance business into Japan P&C insurance and Japan Life insurance. In Japan P&C insurance, Insurance revenue increased by 24.0 billion yen to 767.6 billion yen from the same period of the previous year. Adjusted net income decreased by 20.3 billion yen to 77.2 billion yen from the same period of the previous year. In Japan Life insurance, Contractual Service Margin balance decreased by 2.6 billion yen to 1,147.0 billion yen from March 31, 2026. Insurance revenue decreased by 0.7 billion yen to 65.0 billion yen from the same period of the previous year. Adjusted net income increased by 3.0 billion yen to 21.5 billion yen from the same period of the previous year. In the International insurance business, Insurance revenue increased by 194.5 billion yen to 1,225.8 billion yen from the same period of the previous year. Adjusted net income increased by 13.8 billion yen to 164.3 billion yen from the same period of the previous year. In the Solution business, Other income decreased by 5.7 billion yen to 61.3 billion yen from the same period of the previous year. Adjusted net income decreased by 1.4 billion yen to 1.4 billion yen from the same period of the previous year. 2
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(Yen in millions) As of March 31, 2026 As of June 30, 2026 Assets Cash and cash equivalents 2,332,406 2,790,959 Derivative assets 328,026 414,693 Investment securities 21,062,726 21,217,232 Loans 2,852,633 2,809,449 Other financial assets 1,104,332 1,083,286 Reinsurance contract assets 2,443,534 2,434,965 Insurance contract assets 39,956 27,297 Investments accounted for using the equity method 145,693 154,292 Investment property 68,979 69,384 Property and equipment 318,913 321,173 Right-of-use assets 119,898 121,703 Intangible assets 1,579,868 1,570,141 Retirement benefit assets 30 237 Income taxes receivable 17,269 21,871 Deferred tax assets 43,464 41,839 Other assets 234,477 284,161 Assets held for sale 310,437 314,287 Total assets 33,002,651 33,676,978 Liabilities Repurchase agreements and other similar secured borrowings 61,648 66,608 Derivative liabilities 270,398 307,668 Investment contract liabilities 1,178,840 1,197,251 Bonds and borrowings 598,007 575,676 Lease liabilities 128,939 130,282 Other financial liabilities 945,701 986,404 Insurance contract liabilities 20,219,118 20,543,844 Reinsurance contract liabilities 15,308 20,126 Retirement benefit liabilities 217,135 217,276 Income taxes payable 113,570 123,904 Provisions 44,079 47,213 Deferred tax liabilities 800,523 719,813 Other liabilities 357,007 417,762 Total liabilities 24,950,280 25,353,833 Equity Share capital 150,000 150,000 Retained earnings 7,013,113 7,237,467 Treasury stock (304,160) (232,715) Other components of equity 1,096,601 1,042,558 Total equity attributable to owners of the parent 7,955,554 8,197,310 Non-controlling interests 96,816 125,834 Total equity 8,052,371 8,323,145 Total liabilities and equity 33,002,651 33,676,978 2. Condensed Quarterly Consolidated Financial Statements and Major Notes (1) Condensed Quarterly Consolidated Statement of Financial Position 3
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(Yen in millions) Three months ended June 30, 2025 (April 1, 2025 to June 30, 2025) Three months ended June 30, 2026 (April 1, 2026 to June 30, 2026) Insurance revenue 1,822,782 2,047,134 Insurance service expenses (1,408,254) (1,569,450) Income or expenses from reinsurance contracts held (99,239) (125,999) Insurance service result 315,288 351,684 Interest income 191,594 204,946 Other investment gains and losses 125,611 233,829 Investment expenses (16,687) (17,018) Investment gains and losses 300,518 421,757 Insurance finance expenses (net) (198,648) (281,899) Reinsurance finance income (net) 20,313 14,219 Insurance finance income or expenses (178,335) (267,679) Finance result 122,183 154,078 Administrative expenses (169,420) (191,968) Other finance expenses (7,512) (7,691) Other income 86,136 91,848 Other expenses (10,308) (22,427) Gains and losses from investments accounted for using the equity method 2,822 2,643 Income before income taxes 339,189 378,167 Income taxes (72,506) (91,280) Net income 266,683 286,886 Net income attributable to: Owners of the parent 255,959 264,300 Non-controlling interests 10,723 22,586 Earnings per share Earnings per share - Basic 133.49 yen 138.25 yen Earnings per share - Diluted 133.38 yen 138.16 yen (2) Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated Statement of Comprehensive Income (Condensed Quarterly Consolidated Statement of Income) 4
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(Yen in millions) Three months ended June 30, 2025 (April 1, 2025 to June 30, 2025) Three months ended June 30, 2026 (April 1, 2026 to June 30, 2026) Net income 266,683 286,886 Other comprehensive income Items that will not be reclassified to profit or loss Investments in equity instruments 66,096 20,081 Remeasurements of defined benefit plans (713) (151) Share of other comprehensive income of associates accounted for using the equity method 22 67 Total of items that will not be reclassified to profit or loss 65,405 19,997 Items that may be reclassified subsequently to profit or loss Investments in debt instruments (68,488) (77,044) Cash flow hedges 1,116 (7,930) Foreign currency translation adjustments (124,236) 88,131 Changes in discount rate for insurance contracts 56,459 79,407 Changes in discount rate for reinsurance contracts (9,680) (14,245) Share of other comprehensive income of associates accounted for using the equity method (2,379) 180 Total of items that may be reclassified subsequently to profit or loss (147,209) 68,498 Other comprehensive income (81,804) 88,495 Comprehensive income 184,878 375,382 Comprehensive Income attributable to: Owners of the parent 175,103 353,117 Non-controlling interests 9,774 22,265 (Condensed Quarterly Consolidated Statement of Comprehensive Income) 5
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(3) Notes to Condensed Quarterly Consolidated Financial Statements (Notes regarding going concern assumption) Not applicable. (Segment information) (1) Overview of reportable segments The reportable segments are the components for which discrete financial information is available, and which are regularly reviewed by the Company's Board of Directors to make decisions about resource allocation and to assess the performance of each segment. The Company, as a holding company that manages the Group's business, establishes basic policies about the management of Group companies, formulates corporate strategies based on the surrounding business environment, and promotes business activities of the Group. The Company classifies its operations into three reportable segments: "Japan insurance business", "International insurance business" and "Solution business". "Japan insurance business" primarily comprises underwriting of P&C insurance in Japan, including automobile insurance, fire insurance, and specialty lines, underwriting of life insurance in Japan, including whole life insurance, term life insurance, and medical insurance, as well as related investment activities. "International insurance business" primarily comprises underwriting of overseas P&C and life insurance, including specialty lines such as excess workers' compensation insurance and medical stop-loss insurance, as well as related investment activities. In "Solution business", the main businesses are consulting services, investment advisory, investment trust management services, and nursing care services. (2) Method of calculation for revenue and expenses (net amount), profit, and other items for each reportable segment The accounting treatments for the reportable segments are the same as those used in the preparation of the condensed quarterly consolidated financial statements. Internal transactions between segments are based on prevailing market prices. The Group uses Adjusted net income as the measure for evaluating the performance of each business. Accordingly, Adjusted net income is presented as segment profit. Adjusted net income is calculated by deducting the following items from Net income attributable to owners of the parent: ・Capital gains/losses: Realized and unrealized gains/losses, expected credit losses and other related items arising primarily from financial instruments (excluding ALM (Asset Liability Management) and hedge related gains/losses) ・ALM and hedge related gains/losses: Realized and unrealized gains/losses arising from bonds and derivative transactions held for ALM purposes ・Business investment related gains/losses: Amortization of intangible assets, impairment losses on goodwill and intangible assets and other related items associated with business investments (3) Changes in reportable segments and other changes Effective from the first quarter of the current fiscal year, following changes to the Company's organizational structure, the reportable segments have been changed from four segments, namely "Japan P&C insurance business", "Japan Life insurance business", "International insurance business" and "Solution and other businesses", to three segments: "Japan insurance business", "International insurance business", and "Solution business". In addition, the measure of segment profit has been changed from Net income attributable to owners of the parent to Adjusted net income, which better reflects the performance of each business. Segment information for the first quarter of the previous fiscal year has been restated to reflect these changes. 6
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(Yen in millions) Reportable Segments Adjustments (Note 2) Consolidated total Japan insurance business International insurance business Solution business TotalJapan P&C insurance (Note 1) Japan Life insurance (Note 1) Insurance revenue 809,417 743,600 65,817 1,031,248 - 1,840,666 (17,883) 1,822,782 Insurance service expenses (637,377) (596,916) (40,460) (784,257) - (1,421,634) 13,379 (1,408,254) Income or expenses from reinsurance contracts held (52,327) (53,554) 1,227 (51,415) - (103,743) 4,503 (99,239) Insurance service result 119,713 93,128 26,584 195,575 - 315,288 - 315,288 Interest income 39,323 16,640 22,682 152,124 125 191,573 21 191,594 Other investment gains and losses 29,300 23,887 5,559 97,049 534 126,883 (1,272) 125,611 Investment expenses (5,926) (4,971) (955) (12,589) - (18,515) 1,827 (16,687) Investment gains and losses 62,696 35,556 27,286 236,584 660 299,941 576 300,518 Insurance finance expenses (net) (46,176) (2,708) (43,467) (150,660) - (196,836) (1,811) (198,648) Reinsurance finance income (net) 3,597 (279) 3,877 14,904 - 18,501 1,811 20,313 Insurance finance income or expenses (42,578) (2,988) (39,590) (135,756) - (178,335) - (178,335) Finance result 20,118 32,568 (12,303) 100,828 660 121,606 576 122,183 Administrative expenses (3,507) (3,969) (712) (110,289) (63,892) (177,689) 8,269 (169,420) Other finance expenses (Note 3) (1,300) (1,281) (21) (8,124) (257) (9,682) 2,170 (7,512) Other income 4,244 5,163 111 23,235 67,043 94,523 (8,386) 86,136 Other expenses (1,238) (1,185) (53) (8,372) (88) (9,699) (608) (10,308) Gains and losses from investments accounted for using the equity method 133 133 - 2,592 96 2,822 - 2,822 Income before income taxes 138,162 124,557 13,605 195,444 3,561 337,168 2,021 339,189 Income taxes (34,452) (31,433) (3,019) (36,145) (1,098) (71,696) (809) (72,506) Net income 103,710 93,123 10,586 159,298 2,462 265,471 1,211 266,683 Net income (loss) attributable to non-controlling interests 21 21 - 11,166 (464) 10,723 - 10,723 Net income attributable to owners of the parent 103,688 93,102 10,586 148,132 2,926 254,747 1,211 255,959 (-) Capital gains/losses (3,359) (4,516) 1,156 6,336 (1) 2,974 (260) 2,714 (-) ALM and hedge related gains/losses (9,085) 58 (9,143) - - (9,085) - (9,085) (-) Business investment related gains/losses - - - (8,731) - (8,731) - (8,731) Adjusted net income 116,133 97,559 18,573 150,527 2,928 269,589 1,471 271,061 (4) Information on profit or loss for each reportable segment Three months ended June 30, 2025 (April 1, 2025 - June 30, 2025) (Notes) 1. Japan P&C insurance and Japan Life insurance are presented as supplemental information within the reportable segment "Japan insurance business". 2. Adjustments include elimination of intersegment transactions and income or expenses not allocated to each reportable segment. 3. Other finance expenses includes interest expenses. 7
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(Yen in millions) Reportable Segments Adjustments (Note 2) Consolidated total Japan insurance business International insurance business Solution business TotalJapan P&C insurance (Note 1) Japan Life insurance (Note 1) Insurance revenue 832,754 767,689 65,065 1,225,818 - 2,058,573 (11,439) 2,047,134 Insurance service expenses (679,116) (637,884) (41,231) (916,940) - (1,596,056) 26,606 (1,569,450) Income or expenses from reinsurance contracts held (43,737) (48,612) 4,875 (67,094) - (110,832) (15,167) (125,999) Insurance service result 109,901 81,192 28,708 241,783 - 351,684 - 351,684 Interest income 41,635 18,517 23,117 163,218 68 204,922 24 204,946 Other investment gains and losses 119,414 23,215 96,336 112,635 950 232,999 829 233,829 Investment expenses (4,734) (4,011) (723) (13,474) - (18,208) 1,190 (17,018) Investment gains and losses 156,314 37,721 118,731 262,379 1,019 419,713 2,044 421,757 Insurance finance expenses (net) (111,411) (12,805) (98,606) (174,093) - (285,505) 3,606 (281,899) Reinsurance finance income (net) 8,600 335 8,264 9,225 - 17,825 (3,606) 14,219 Insurance finance income or expenses (102,811) (12,469) (90,341) (164,867) - (267,679) - (267,679) Finance result 53,503 25,251 28,389 97,511 1,019 152,033 2,044 154,078 Administrative expenses (5,727) (5,161) (883) (134,698) (60,157) (200,583) 8,615 (191,968) Other finance expenses (Note 3) (1,787) (1,675) (115) (7,975) (253) (10,015) 2,324 (7,691) Other income 4,625 4,376 432 33,818 61,324 99,768 (7,920) 91,848 Other expenses (1,164) (940) (223) (21,162) (75) (22,402) (25) (22,427) Gains and losses from investments accounted for using the equity method 139 139 - 2,506 (2) 2,643 - 2,643 Income before income taxes 159,491 103,181 56,309 211,783 1,853 373,128 5,038 378,167 Income taxes (45,107) (29,453) (15,653) (40,063) (369) (85,540) (5,740) (91,280) Net income 114,383 73,728 40,655 171,720 1,484 287,588 (701) 286,886 Net income attributable to non- controlling interests - - - 22,622 7 22,629 (43) 22,586 Net income attributable to owners of the parent 114,383 73,728 40,655 149,097 1,477 264,958 (658) 264,300 (-) Capital gains/losses (5,804) (3,364) (2,439) (2,205) - (8,009) (0) (8,009) (-) ALM and hedge related gains/losses 21,368 (145) 21,513 - - 21,368 - 21,368 (-) Business investment related gains/losses - - - (13,030) - (13,030) 2,620 (10,410) Adjusted net income 98,820 77,238 21,581 164,333 1,477 264,630 (3,278) 261,351 Three months ended June 30, 2026 (April 1, 2026 - June 30, 2026) (Notes) 1. Japan P&C insurance and Japan Life insurance are presented as supplemental information within the reportable segment "Japan insurance business". 2. Adjustments include elimination of intersegment transactions and income or expenses not allocated to each reportable segment. 3. Other finance expenses includes interest expenses. 8
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(Notes regarding significant changes in equity attributable to owners of the parent) Not applicable. Three months ended June 30, 2025 (April 1, 2025 to June 30, 2025) Three months ended June 30, 2026 (April 1, 2026 to June 30, 2026) Depreciation and amortization 40,207 49,055 (Notes to Condensed Quarterly Consolidated Statement of Cash Flows) The Company has not prepared condensed quarterly consolidated statement of cash flows for the three months ended June 30, 2026. Depreciation and amortization for the three months ended June 30, 2026 and 2025 are as follows. 9